Water? What water? Larvae, what larvae? You can get these ID'd at your ag extension office. Or post a picture here.
Bleeding at base of trunk--picture, please? Could be Phytophthora, which is treatable.
Just because you will have an arborist removing a tree, does not mean you'll have an arborist able to diagnose and treat. Would you call Kevorkian to patch up a sore?
Pruning is SOP to fix leaning trees.
